UPDATE: Jefferies Cuts PT to $8 on Kinross Gold Corporation; Price Correction Continues

Jefferies reduces its price target from $11 o $8 on Hold-rated Kinross Gold Corporation KGC as the stock's substantial price correction continues. Jefferies comments, "Kinross reported 1Q EPS of $0.18 which was slightly below the Street's estimate of $0.20. Over the past year, the gold price has risen 5% while KGC shares have declined 50%. We continue to believe high risk gold equities such as KGC will face further multiple compression. In our opinion, Kinross remains expensive relative to our favored name in North American Metals & Mining, FCX." KGC closed at $7.50 on Wednesday.